Finances of Solingen's Savings and Building Association bolster impressive report for 2023

In a significant move towards sustainable living, the Spar- und Bauverein (Savings and Building Association) Solingen has unveiled ambitious plans for climate-neutral residential construction in the Solingen-Mitte area. The association, the largest provider of rental apartments in the city, aims to make its settlements eco-friendly and future-proof by 2045.

The 2023 annual result shows a solid performance with a balance sheet total of 321 million euros, an increase of around two million euros from the previous year, rising from 138 to 140 million euros in equity base. This financial strength is set to drive the society's ambitious plans.

The focus of these plans is on insulating facades and roofs, installing new windows, and setting up PV systems. The first construction phase for the SBV area in Solingen-Mitte is scheduled to start at the end of the year. Further settlements will follow from 2025, with the aim of making them energy-efficient and climate-friendly.

Jürgen Dingel, the chairman of the board of the SBV, explained, "Our goal is to secure the existence of the cooperative so that its tasks can be continued by the next generations. We aim to implement climate protection measures in the settlements, which includes installing photovoltaic systems and heat pumps, a rainwater strategy, and heat planning for each settlement."

The planned renovations for Solingen's city center settlements focus on socially oriented and ecological housing development. At least 40% of new developments will be social housing. Extensive greening and tree planting are also part of the plan to improve the urban climate. The society also plans to purchase property to create affordable housing and enhance local cultural and retail spaces.

However, detailed precision or assessment metrics for these climate-neutral and housing-related service improvements are not explicitly provided in the available sources.

The measures being taken by the Spar- und Bauverein are aimed at conserving resources and protecting the climate. The society believes these investments will save money in the long run due to rising costs for fossil energy.

The balance sheet profit of 3.1 million euros enables the maximum dividend of four percent for the 14,404 members of the SBV. The average rent at the Savings and Building Association remains at 6.19 euros per square meter, significantly below the usual rental prices in Solingen.

The society aims to continue a "business policy of cautious steps". The plans for the SBV area aim to create a walkable path that is not paved, with renovations being carried out over time using grant funds and individual renovation schedules for each building.

The necessary energy renovations of the settlements should not be overwhelming, and everyone is encouraged to promote viable compromises. The Spar- und Bauverein Solingen is leading the way in sustainable living, setting an example for other cities to follow.

Finances of Solingen's Savings and Building Association bolster impressive report for 2023